Beijing / CN. (lci) Luckin Coffee Inc. announced changes to its Board of Directors («Board») and appointment of a new Chairman to the Board.
The Company held an extraordinary general meeting of shareholders (the «EGM») on July 5, 2020 and a Board meeting (the «Board Meeting») on July 12, 2020. Pursuant to the results of the EGM, Jie Yang and Ying Zeng have been appointed as independent directors to the Board, and David Hui Li, Erhai Liu, Charles Zhengyao Lu and Sean Shao ceased to be directors to the Board. Pursuant to the results of the Board Meeting, Yang Cha and Feng Liu have been appointed as independent directors to the Board. Jinyi Guo, a director to the Board and the former Acting Chief Executive Officer of the Company, has been appointed as the Chairman to the Board and the Chief Executive Officer of the Company.
Following the forgoing changes, the Board currently consists of five independent directors namely Yang Cha, Wai Yuen Chong, Feng Liu, Jie Yang and Ying Zeng, and three management directors, namely Wenbao Cao, Jinyi Guo and Gang Wu, with Jinyi Guo serving as the Chairman to the Board. The Nominating and Corporate Governance Committee of the Board currently consists of Yang Cha, Wai Yuen Chong and Jinyi Guo, with Wai Yuen Chong serving as its chairman; the Audit Committee of the Board currently consists of three independent directors, namely Yang Cha, Wai Yuen Chong and Feng Liu, with Feng Liu serving as its chairman; the Compensation Committee of the Board currently consists of Feng Liu, Gang Wu, Jie Yang and Ying Zeng, with Ying Zeng serving as its chairwoman.
Information relating to Yang Cha, Feng Liu, Jie Yang and Ying Zeng is set out as follows:
Yang CHA has more than 20 years of work experience in law, investment and management. From 2013 to 2019, Cha acted as the President of Tsinghua Education Foundation, North America, a non-profit organization registered in, and regulated by, authorities in the United States, in the meanwhile acting as a venture partner for several venture capital firms with a focus on early-stage technology start-ups. Prior to that, Cha worked at leading law firms in the United States and China with a focus in corporate finance and governance matters.
Feng LIU is a leading scholar expertized on accounting studies. Liu is currently a professor and the director of Center for Accounting Studies at Xiamen University. Liu has also accumulated rich experience on practices in auditing, accounting, internal control and risk management with long time severing as an independent director of different companies and consultant of various firms.
Jie YANG has more than 20 years’ management experience. Yang currently serves several roles in China University of Political Science and Law («CUPL»), including the vice dean of Business School, deputy director of MBA Centre and chief secretary of the Business School Committee.
Ying ZENG has more than 25 years of work experience in business and law. Zeng served as a partner of Orrick Herrington + Sutcliffe LLP, a leading international law firm, from 2018 to 2020. Prior to that, Zeng served as a vice president and country manager (China) for El Paso Corporation.
The Company will continue to focus on growing its business under the leadership of the current Board and senior management.
